Source: The World Property Journal —
The National Association of Home Builders is reporting U.S. housing affordability weakened slightly during the first quarter of 2021 as rising material costs and supply shortages along with expected increases in mortgage rates stemming from a growing economy are likely to exacerbate affordability challenges in the year ahead.
According to the latest National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI), 63.1 percent of new and existing homes sold between the beginning of January and end of March were affordable to families earning the U.S. median income of $79,900. This is slightly down from the 63.3 percent of homes sold in the fourth quarter of 2020 that were affordable to households earning the median income of $78,500.
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